This Saturday night at the stroke of midnight we start anew. To some this means resolutions of habits to give up or begin, to some it means counting down with a ball drop, and some of us are already sound asleep. The New Year provides a fresh start, but as we look to 2023 we may feel a little uncertainty as well. Let’s dig into what is happening with the economy and how can we plan to protect ourselves in the new year.
Economic Projections for 2023
It’s hard to predict what will happen in 2023, but there may be some financial concerns in the New Year. With interest rates higher and pandemic stimulus over, many of us will need to reevaluate our spending and saving habits. Mass tech layoffs make the employment market look a little wobbly, but we still see low unemployment rates. While we want sunny optimism, cautious preparedness is often a better path.
Protect Yourself Financially
We learned a few things during the recession that began in 2008. When we wonder how people handled the experience, we know that most just figured it out as best they could. It’s a smart idea to start now to build a financial plan.
Consider these ways to protect yourself:
- Plan instead of panic
- Add to your cash reserves when possible
- Find a second income stream
- Don’t be impulsive with purchases
- Refinance or consolidate loans as interest rates continue to go up
- Keep your credit score steady
- Take care of your assets
Buying a Home in the New Year
Several experts believe it will turn back to a buyer’s market before the end of 2023. While interest rates won’t return to the historically low levels of recent years, more housing inventory will be available. This means that it may be a good time to start the discussion around your goals and aspirations for homebuying in the new year.
Contact the team at GoPrime Mortgage in West Asheville to get the conversation started.
